Facebook’s upcoming stable coin continues to face opposition and trial on various platforms. In France, a regulatory body will be set up to scrutinize on how major banks will regulate Facebook’s stablecoin Libra. Going by the name of French G7 Task Force, this body will be lead by Benoit Coeure. He is a board member of the European Central Bank.
France is opposing the fact that Facebook is bringing up a sovereign currency with the introduction of Libra. The majority of people who have voiced against Libra are citing privacy concerns. Facebook’s earlier data leak fiasco is still afresh. So, now that people will trust its platform with their money, security and privacy concerns are more demanding among the people.
Two days ago, the whitepaper for Facebook’s Libra crypto was unveiled. The head of the US Financial Services Committee proposed that Facebook should stop its work on Libra till a proper investigation is carried out. Also, other major socialites stated that given Facebook’s history of user data leak in the past, it’s crypto should not be allowed in the first place.
There is also a great number of assumptive discussions going on throughout the world among crypto enthusiasts. Also, there are many others who are hopeful of Libra’s future. Facebook’s crypto claims to be a dependable, simpler and faster platform for transactions. It may also integrate as a payment tool on WhatsApp and Instagram.